Trade Haven Hub - Investing and Stock News
  • Investment Tips
  • Trade Tips
  • Crypto News
  • Economy News
  • Stock Market
  • Investment Tips
  • Trade Tips
  • Crypto News
  • Economy News
  • Stock Market
No Result
View All Result
Trade Haven Hub - Investing and Stock News
No Result
View All Result
Home Economy News

Musk confident DOGE will save $1 trillion as government cost cutting continues

admin by admin
May 30, 2025
in Economy News
0
Musk confident DOGE will save $1 trillion as government cost cutting continues
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Tesla and SpaceX CEO Elon Musk wrapped up his time as the public face of DOGE in a press conference with President Donald Trump on Monday, leaving behind a total estimated $175 billion in government cost-cutting over the past few months. 

The $175 billion in savings from slashing government contracts, selling assets, identifying improper payments, and other cost-cutting measures amounts to $1,086.96 per each individual taxpayer, according to the DOGE website. 

The cuts took place all across the government, highlighted by a complete dismantling of USAID, where 83% of the agency’s programs and 5,200 contracts were canceled following the conclusion of a six-week review by DOGE.

Trump discussed some of the other more significant cuts in the Friday press conference.

$20 million for Arab Sesame Street in the Middle East,’ Trump said. ‘Nobody knows what that’s all about. Nobody’s been able to find it. $8 million for making mice transgenders. So they spent $8 million in making mice transgender. And those are better than many others. I could sit here all day and read things just like that.’

While some outlets, including The New York Times and BBC News, have disputed DOGE’s $175 billion estimate and argued the true number is smaller, Musk told reporters in the Oval Office on Friday that the savings will continue to build, and he is confident the total cuts will amount to $1 trillion in the coming years. 

The DOGE influence will only grow stronger,’ Musk said. ‘I liken it to a sort of person of Buddhism. It’s like a way of life so it is permeating throughout the government. And I’m confident that over time, we’ll see $1 trillion of savings, and a reduction in $1 trillion of waste, fraud reduction.’

Additionally, Musk said that the DOGE cuts would soon hit the $200 billion threshold for fiscal year 25-26.

From the start, DOGE was hit with not only a tsunami of negative press and outraged Democratic lawmakers, but also a series of lawsuits, which bogged it down in protracted legal battles as Musk struggled to reach his original estimates of $1-2 trillion in cuts. 

This, coupled with the reality of most of the major end cuts requiring congressional approval to carry out, relegated DOGE’s impact on cutting around the edges of the big programs and agencies it likely would have liked to eliminate entirely.

Musk was asked on Friday what the biggest ‘roadblock’ was for him at DOGE.

‘It’s mostly just a lot of hard work,’ Musk responded. ‘It’s really not any one person or Congress. It’s going through really millions of line items and saying just each one of them makes sense or does not make sense.’

‘Obviously, at times when you cut expenses, those who are receiving the money, whether they receive, whether they’re receiving that money legitimately or not. They do complain, and you’re not going to hear someone confessing that they received money inappropriately. Never. They’re going to always say that they received money appropriately for a report. Of course, naturally, that’s what you’d expect.’

Fox News Digital’s Peter Pinedo contributed to this report.

This post appeared first on FOX NEWS
Previous Post

SEC Staking Shake-Up: Agency Says Proof-of-Stake Isn’t a Securities Deal – What It Means Now

Next Post

Who will be Elon’s successor? The top names in line for DOGE chief

Next Post
Who will be Elon’s successor? The top names in line for DOGE chief

Who will be Elon’s successor? The top names in line for DOGE chief

  • Trending
  • Comments
  • Latest
Crypto Market Recap: Grayscale Debuts New Bitcoin Product, Tether Announces US Expansion

Crypto Market Recap: Grayscale Debuts New Bitcoin Product, Tether Announces US Expansion

May 1, 2025
On air, ’60 Minutes’ reporter says ‘none of us is happy’ about changes that led top producer to quit

On air, ’60 Minutes’ reporter says ‘none of us is happy’ about changes that led top producer to quit

April 28, 2025
XRP Price Prediction: Should You Sell XRP in May? Here’s What Analysts Expect Next for Ripple

XRP Price Prediction: Should You Sell XRP in May? Here’s What Analysts Expect Next for Ripple

May 1, 2025
Jeff Bezos discloses plan to sell up to $4.8 billion in Amazon stock

Jeff Bezos discloses plan to sell up to $4.8 billion in Amazon stock

May 3, 2025
Crypto Price Prediction Today 2 June – XRP, Flare, Hyperliquid

Crypto Price Prediction Today 2 June – XRP, Flare, Hyperliquid

0
Quantum Computing: its Evolution and its Potential Future

Quantum Computing: its Evolution and its Potential Future

0
Quantum Computing: its Evolution and its Potential Future

Quantum Computing: its Evolution and its Potential Future

0
Air Direct Capture – Reducing CO2 from the Atmosphere

Air Direct Capture – Reducing CO2 from the Atmosphere

0
Crypto Price Prediction Today 2 June – XRP, Flare, Hyperliquid

Crypto Price Prediction Today 2 June – XRP, Flare, Hyperliquid

June 2, 2025
Poland Elects Pro-Crypto President Nawrocki – Will He Follow Trump’s Lead with a Bitcoin Treasury?

Poland Elects Pro-Crypto President Nawrocki – Will He Follow Trump’s Lead with a Bitcoin Treasury?

June 2, 2025
Whale Signal or Exit? XRP Price Prediction After 44M Tokens Leave Exchange

Whale Signal or Exit? XRP Price Prediction After 44M Tokens Leave Exchange

June 2, 2025
Dogecoin Price Prediction: Mysterious Tweet Revives Speculation of $1 DOGE

Dogecoin Price Prediction: Mysterious Tweet Revives Speculation of $1 DOGE

June 2, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent News

    Crypto Price Prediction Today 2 June – XRP, Flare, Hyperliquid

    Crypto Price Prediction Today 2 June – XRP, Flare, Hyperliquid

    June 2, 2025
    Poland Elects Pro-Crypto President Nawrocki – Will He Follow Trump’s Lead with a Bitcoin Treasury?

    Poland Elects Pro-Crypto President Nawrocki – Will He Follow Trump’s Lead with a Bitcoin Treasury?

    June 2, 2025
    Whale Signal or Exit? XRP Price Prediction After 44M Tokens Leave Exchange

    Whale Signal or Exit? XRP Price Prediction After 44M Tokens Leave Exchange

    June 2, 2025
    Dogecoin Price Prediction: Mysterious Tweet Revives Speculation of $1 DOGE

    Dogecoin Price Prediction: Mysterious Tweet Revives Speculation of $1 DOGE

    June 2, 2025
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 tradehavenhub.com | All Rights Reserved

    No Result
    View All Result
    • Investment Tips
    • Trade Tips
    • Crypto News
    • Economy News
    • Stock Market

    Copyright © 2025 tradehavenhub.com | All Rights Reserved